The Mediating Role of Corporate Social Responsibility Disclosure on Cash Holding: Evidence from Basic Industry and Chemical Companies in Indonesia

Elsa Arfianti, Muhammad Arfan, Fifi Yusmita
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Abstract

Objective –This study aims to examines the role of corporate social responsibility (CSR) disclosure in mediating the influence of financial leverage, profitability, and ownership of institutional on cash holding.Design/Methodology –The population of this study consists of 203 observations in basic industry and chemical companies listed on the Indonesia Stock Exchange from 2015 to 2020. This study utilizes secondary data obtained from annual report, and the data is subsequently analyzed using path analysis.Results –According to the findings of this study, financial leverage and profitability have a negative effect on CSR disclosure, whereas institutional ownership has a positive impact. Financial leverage reduces cash holding, but profitability, institutional ownership, and CSR disclosure increase cash holding. CSR disclosure mediates the financial leverage and institutional ownership effects on cash holding. It does not, however, as mediating effect of profitability on cash holding.Research limitations/implications –Because the researchers only looked at basic industry and chemical companies on the IDX, the results cannot be applied to all companies on the IDX. The findings of this research have implications for the importance of efficiently managing cash holding by paying attention to the factors that influence them, which include financial leverage, profitability, institutional ownership, and CSR disclosure.Novelty/Originality –CSR disclosure is used in this study to mediate the financial leverage, profitability, and ownership of institutional effects on cash holding. It is analyzed using path analysis, which has never been used in previous studies. In addition, this study used a relatively long period with a larger number of observations.
企业社会责任披露对现金持有量的中介作用:来自印尼基础工业和化工企业的证据
目的:本研究旨在探讨企业社会责任(CSR)披露在财务杠杆、盈利能力和机构所有权对现金持有的影响中所起的中介作用。设计/方法-本研究的人口包括2015年至2020年在印度尼西亚证券交易所上市的基础工业和化学公司的203个观察结果。本研究利用从年报中获得的二次数据,随后使用通径分析法对数据进行分析。结果-根据本研究的发现,财务杠杆和盈利能力对企业社会责任披露有负向影响,而机构所有权对企业社会责任披露有正向影响。财务杠杆降低了现金持有量,但盈利能力、机构所有权和企业社会责任披露增加了现金持有量。企业社会责任披露在财务杠杆和机构所有权对现金持有的影响中起中介作用。然而,盈利能力对现金持有量并没有中介作用。研究局限性/启示-由于研究人员只研究了IDX上的基础工业和化学公司,因此研究结果不能适用于IDX上的所有公司。本研究的结果表明,通过关注影响现金持有的因素,包括财务杠杆、盈利能力、机构所有权和企业社会责任披露,有效管理现金持有的重要性。本研究使用新颖性/原创性-企业社会责任披露来中介财务杠杆、盈利能力和制度所有权对现金持有的影响。使用路径分析法对其进行分析,这在以往的研究中从未使用过。此外,本研究使用了相对较长的时间和大量的观察结果。
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